Economics Exam Past Questions and Answers | JAMB, WAEC and NECO

Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.

• Question 561: A tax system in which the income earner pays a fixed percentage of his income annually is known as …………. tax. Options:
  A) direct
  B) indirect
  C) progressive
  D) proportional
  E) regressive
  Show Answer
  The correct answer is D .
• Question 562:

  The demand for labour is a________

  Options:
  A) Derived demand
  B) Joint demand
  C) Complementary demand
  D) Composite demand
  Show Answer
  The correct answer is A .
• Question 563:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 564: Tax incidence is the analysis of? Options:
  A) how progressive a tax is
  B) how a tax is collected
  C) hw distorting a tax is
  D) who ultimately pays the tax
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  The correct answer is D .
• Question 565: An important feature of perfect competition is that? Options:
  A) the movement of goods and services is restricted
  B) there is adequate knowledge of existing prices
  C) prices are centrally administered
  D) individual economic units can influence prices
  Show Answer
  The correct answer is B .
• Question 566:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 567: Collectivism refers to the system of management of state enterprises in a? Options:
  A) mixed economy
  B) co-operative organization
  C) capitalist economic system
  D) socialist economy
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  The correct answer is D .
• Question 568: A significant effect of the growth of the oil sector in Nigeria has been to? Options:
  A) increase the rate of unemployment
  B) diminish the percentage contribution of the agricultural sector to GNP
  C) slow down the pace of industrialization
  D) retard the rate of economic growth
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  The correct answer is B .
• Question 569: The monetization policy of the Nigerian government is aimedat Options:
  A) encouraging public servants to retire early and become self-employed
  B) transferring government's properties to retired public servants
  C) reducing government's burden on the provision of fringe benefits to public servants
  D) helping government recover properties held by public servants
  Show Answer
  The correct answer is C .
• Question 570: Government in West Africa countries engage in running a number of enterprises because ? Options:
  A) Large amount of capital are needed and key industries should not be left in private hands
  B) Private capital would not established an adequate infrastructure
  C) It brings about a more even distribution of the country’s wealth
  D) The social costs of some enterprises make the government the most suitable body to set them up
  E) All of the above
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  The correct answer is E .